EMC Capital Management Sells 3,470 Shares of First Horizon Co. (NYSE:FHN)

EMC Capital Management lessened its stake in shares of First Horizon Co. (NYSE:FHN) by 21.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,353 shares of the financial services provider’s stock after selling 3,470 shares during the period. EMC Capital Management’s holdings in First Horizon were worth $249,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. UMB Bank n.a. lifted its position in shares of First Horizon by 365.0% in the third quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock worth $26,000 after buying an additional 1,325 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of First Horizon by 160.1% during the 4th quarter. Versant Capital Management Inc now owns 1,436 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 884 shares in the last quarter. Covestor Ltd boosted its position in shares of First Horizon by 44.0% during the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 651 shares during the last quarter. True Wealth Design LLC purchased a new position in shares of First Horizon in the third quarter valued at $36,000. Finally, MassMutual Private Wealth & Trust FSB increased its position in First Horizon by 335.6% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,596 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Insiders Place Their Bets

In related news, EVP David T. Popwell sold 100,974 shares of First Horizon stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $19.77, for a total value of $1,996,255.98. Following the completion of the sale, the executive vice president now directly owns 519,926 shares in the company, valued at $10,278,937.02. The trade was a 16.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Harry V. Barton, Jr. sold 10,000 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the transaction, the director now owns 166,840 shares in the company, valued at approximately $3,323,452.80. The trade was a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 220,954 shares of company stock worth $4,519,333. 0.87% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Raymond James increased their price objective on shares of First Horizon from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Keefe, Bruyette & Woods lifted their price target on First Horizon from $23.00 to $24.00 and gave the stock a “market perform” rating in a research report on Thursday, December 19th. Bank of America upped their price objective on First Horizon from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, January 17th. The Goldman Sachs Group lifted their target price on First Horizon from $18.50 to $23.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Finally, Royal Bank of Canada boosted their target price on First Horizon from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, First Horizon has an average rating of “Moderate Buy” and an average price target of $22.04.

First Horizon Stock Up 2.0 %

Shares of FHN opened at $21.94 on Friday. The firm has a market capitalization of $11.63 billion, a P/E ratio of 16.13, a P/E/G ratio of 1.19 and a beta of 0.92. First Horizon Co. has a 12-month low of $13.45 and a 12-month high of $22.10. The firm has a fifty day moving average price of $20.64 and a 200-day moving average price of $18.03. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14.

First Horizon (NYSE:FHN) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. During the same period in the prior year, the company posted $0.32 EPS. Equities research analysts expect that First Horizon Co. will post 1.63 earnings per share for the current year.

First Horizon announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 10.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

First Horizon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date is Friday, March 14th. First Horizon’s dividend payout ratio (DPR) is presently 44.12%.

First Horizon Company Profile

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.